Every day, I get the opportunity to meet entrepreneurs with big ambitions and projects to bring to life. I feel strongly that when dreams are raised, our world is a better place.
Many people love the idea of becoming an author, bringing their story to the world, and making a difference with their message or experiences. Two common reasons entrepreneurs and authors postpone this dream are 1) not having the funds to write, publish, promote and launch their book and 2) not knowing what exact steps to take to sell their book while building a community of readers and fans. People are often overwhelmed by the logistics and business aspects of getting published.
That’s where crowdfunding comes in as one solution to address both issues and help entrepreneurs bring their dream to life. I have had the pleasure of working with Victoria Bennett of The Crowdfunding Hub to help authors create and launch successful crowdfund campaigns. Victoria is the force behind this valuable resource. She is a seasoned crowdfunding and marketing strategist. She boasts a stellar track record, having been a part of campaigns that raised a collective $20 million. As an eleven-times best-selling author myself, I have learned a lot about building a crowd, selling books and collaborating with others to raise dreams.
Here are some tips from Victoria and me to help you raise your dream.
The Power of Crowdfunding
Crowdfunding is more than just a financial resource and strategy—it’s about community building. Crowdfunding allows the entrepreneur or author to generate small amounts of money from their audience, tap into the power of collective funding and build a community—all at the same time. It’s not just about the money to develop, write, publish and launch the book but also about building a community of readers who want to consume the author’s content. There are so many advantages for authors, such as building a crowd, generating revenue, establishing pre-sales and bulk buys of your book, benefiting from other people sharing your campaign and promotions about your book, and so much more!
A Successful Crowdfunding Campaign
One of the best strategies for crowdfunding success is the plan—this is so important. The plan is the foundation. Everything else is built upon it. We recommend a 90-day plan, which allows the necessary time to build your strategy, build and warm up your crowd (e.g., social media, your contacts), create your landing page to grow your database, produce a compelling video, just to name a few.
Passion is another ingredient to success and it is often the glue that holds everything together. Your belief in and passion about your book is the fuel that drives your campaign forward and keeps the momentum going. Passion also excites and inspires others to get involved and support your campaign.
How Much Can You Raise?
The possibilities with crowdfunding can seem endless, but authors often ask this magic question: “How much can one raise?” The figures vary, but authors typically target between $7,500 and $15,000. These funds generally cover editing, publishing, marketing, launches, book tours, translations, and other associated costs. Remember, it is important to combine creativity with a well-planned strategy.
Choosing the Right Platform
With many platforms like Kickstarter, IndieGoGo, Fundrazr, and Crowdfundr, making a choice can be overwhelming. It’s crucial to research platforms thoroughly; some allow authors to keep partial funds raised while others operate on an all-or-nothing model. The key is to align the platform’s features with your book and crowdfunding goals.
So what do you think? Could crowdfunding help you build a crowd and generate funds so you can launch your project stronger? If so, check out The Crowdfunding Hub, an online community supporting anyone interested in running a crowdfunding campaign. Access FREE checklists, tips and tools here: https://social.bmwconsults.com/JgFB. And watch for Crowdfunding for Authors, a book Victoria and I developed. This supportive and insightful resource is due for release soon.
